Daily market summary of NF and charts, data of NF & BNF -13Dec'21

NF had inside day with another neurtal session on Friday and observation was that being FA zone defended probe is next higher value sessions accepting above 17650. NF had a clean gap up today above 17650 but could not sustain the gap and gone for liquidation break move. Failing to stay above 17635 and back below 17570 probe was for 17490 then 17440/17420. NF got this entire move failing gap and closed at dPOC.

Pointers from the day :

It was outside day.

Clean liquidation profile with double distribution down trend day.

Large extension singles in the profile and 5IB down day.

All the above information suggesting lack of demand at top today lead to the move down than fresh supply coming in. First session was well below par volume and once started accepting in previous day range started the agressive liquidation move. Such large extn singles and multi IB moves are sign of emotional move. Possible new range of balance could emerge now in coming sessions than big rally down unless we get a retest again at 17560-17580 zone and rejects that. Till this zone gets retest better to stay cautious on short side due to the nature of auction and profile structure today.

NF negated the 17415 FA zone but held around there and closed at dPOC..If buyers are committed they need to defend 17410 early in the session and accept above 17475-17490 band to get follow through higher..Below 17410 another liquidation move possible before a bounce.

17475-17490 resistance zone for next session. Failing to scale above this band could drop to 17435/17410 and weak below 17410 for 17370/17340/17310 and quite weak below 17290 for 17265/17230/17190-17175.

If fails to sustain below 17410 and accepts above 17490 then could get 17530/17560-17580 and bullish further above 17595 for 17625/17650-17665. If fails to sustain below 17350 and accepts above 17440 then probe is for 17490/17530/17560-17580.

Charts and data :

Detailed plan with references to carry forward, actionable trade hypos for next session, any importance nuance from the day and view based on weekly and monthly time frame are available to members in private blog.Above report is only part of it.

Notes :

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